JEFFERIES: Wall Street is underestimating Under Armour

(Markets Insider) Analysts at Jefferies are bullish on Under Armour's stock despite some recent lackluster trends. The athletic apparel maker is among the names in the retail industry that have seen a steep decline in its share price. Last year, the company lost 76% of its value. Under Armour shares peaked at about $49 in 2015, and now trade around $20.

A group of equity analysts at Jefferies think Wall Street is ignoring some key tailwinds for the company. As such, they have raised their price target for Under Armour to $27 a share.

"Under Armour is one of the few brands that matter in the high-growth athletic apparel and footwear space," the bank said. "The company has significant opportunity to scale North America, footwear, international, women's, and lifestyle in the years ahead."

According to the bank, right now is the perfect time to hop on the Under Armour bandwagon. The bank noted recent partnerships with big-name athletes as one reason why the firm is positioned very well in the athletic retail space.

"With the help of superstars such as Tom Brady and Steph Curry, Under Armour continues to stay relevant in the athletic space through the signing of multiple signature athletes," the bank said.

The bank said Under Armour's deal with MLB, specifically, will greatly benefit the firm's exposure.

"The recent uniform sponsorship starts in ‘20, but team sportswear is now available. We think investors are ignoring deals like the MLB one which give the Under Armour brand further awareness and performance credibility, and also means lots of coverage for the UA logo," the bank said.

Here's a look at notable partnerships Under Armour has scored over the past two years: